The luxury residential development in Dublin formerly owned by Irish property tycoon Liam Carroll has been put up for sale for €43m (£37m).
Receivers from Grant Thornton have appointed Savills to sell The Alliance Building in the Gasworks development in Ringsend, Dublin 4, at a gross initial yield of 7.25%.
The guide price for the O’Mahony Pike-designed scheme, which has 210 flats, equates to €205,000 (£175,000) per unit.
A statement from Savills said the sale “marks the first of its kind in Ireland this year and represents a prime landmark asset with an occupancy rate of 97%”.
The nine-storey property was completed in 2006 and is built in a circular shape matching an original 1885 gasometer.
The entire property, which is predominantly two-bedroom flats with eight one-bedroom flats on the ground floor, has a gross annual income of approximately €3.25m.
Two-bedroom apartments currently let for an average rent of €1,300 per month.
Fergus O’Farrell, director of Savills Investment, said: “This is a unique opportunity for an investor to acquire complete control of a landmark city centre building with a fantastic rental profile.
“Not a single apartment in the Alliance has ever been sold off to the private market.”
bridget.o’connell@estatesgazette.com
